In a move that would help consolidate its businesses, ONGC aims to conclude merger of ONGC Mangalore Petrochemicals Limited (OMPL) with Mangalore Refinery and Petrochemicals Limited (MRPL) by June 2021. Once this is done it will work towards merger of MRPL with Hindustan Petroleum Corporation Limited (HPCL).

Speaking to reporters after ONGC’s 27th Annual General Meeting, ONGC Chairman and Managing Director Shashi Shanker said, “We are moving in the direction of vertical integration. The first step will be the merger of OMPL with MRPL. This will be followed by a merger of MRPL by HPCL. We aim to complete the OMPL-MRPL merger by June 2021.”

OMPL is jointly promoted by ONGC and MRPL.

Commenting on the Covid-19 impact on the upstream sector, Shanker said ONGC may be slightly short of meeting the ₹35,000-crore capital expenditure target for the current fiscal. This is also because of difficulties in movement of essential

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MIAMI, Sept. 30, 2020 /PRNewswire/ — PowerVerde Inc. OTCQB (“PWVI”), a Florida-based energy systems developer, and 374Water Inc. (“374water”), a North Carolina-based social impact, cleantech company, today announced that they have executed a binding Letter of Intent (“LOI”) to merge. The combined company will offer a water and waste resource recovery system using Supercritical Water Oxidation (“SCWO”) and a proprietary heat recovery and expander system based on PowerVerde’s wet steam cycle.

Subject to the terms and conditions set forth in the LOI, PWVI will issue new shares of PWVI stock to 374Water shareholders such that 374Water shareholders will own approximately 60% of the combined company, and PWVI shareholders will own approximately 40%. The merger is subject to adjustments and the achievement of certain milestones and satisfaction of conditions by both parties prior to closing, including the raising of additional capital.

“The merger of our two companies will

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FILE PHOTO: An Estelada (Catalan separatist flag) is seen on a balcony near a Caixa bank branch in Barcelona


  • CaixaBank and Bankia received approval from their boards to merge, creating a bank worth more than $786 billion on Friday. 
  • CaixaBank will exchange 0.6845 of its shares for one Bankia share.
  • The new bank will operate under CaixaBank’s brand and will have more 20 million customers.
  • Visit Business Insider’s homepage for more stories.

CaixaBank and Spanish-state owned Bankia said on Friday they had got the greenlight from their boards to merge, creating the country’s largest domestic bank.

The deal will create a bank with assets of more than $786 billion. CaixaBank will exchange 0.6845 of its shares for one share in Bankia.

The operation is expected to close in the first quarter of 2021, as the merger still needs to be approved by both banks’ shareholders, as well

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LISBON, Portugal (AP) — Two of Spain’s biggest banks said Friday they were merging, pushed together by a need to weather tough economic times that likely will cost thousands of jobs.



FILE, In this Friday July 17, 2020 file photo, a child looks at a man sleeping outside a CaixaBank brach office in Barcelona, Spain.  Two of Spain's biggest banks are poised to merge and create the country's largest bank in terms of domestic operations, with assets of more than 600 billion euros (dollars 708 billion). The deal brings the prospect of more job losses amid difficult times for the financial sector. A tie-up between CaixaBank, the largest bank in the domestic market, and Bankia, Spain's biggest mortgage lender, could herald other moves toward consolidation in the financial sector. (AP Photo/Emilio Morenatti)


© Provided by Associated Press
FILE, In this Friday July 17, 2020 file photo, a child looks at a man sleeping outside a CaixaBank brach office in Barcelona, Spain. Two of Spain’s biggest banks are poised to merge and create the country’s largest bank in terms of domestic operations, with assets of more than 600 billion euros (dollars 708 billion). The deal brings the prospect of more job losses amid difficult times for the financial sector. A tie-up between CaixaBank, the largest bank in the domestic market, and Bankia, Spain’s biggest mortgage lender, could herald other moves toward consolidation in the financial sector. (AP Photo/Emilio Morenatti)

The tie-up between CaixaBank and Bankia will create the largest lender in the

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FILE PHOTO: Chamath Palihapitiya, Founder and CEO of Social Capital, presents during the 2018 Sohn Investment Conference in New York


  • Opendoor is in advanced talks to go public via a merger with Social Capital Hedosophia Holdings Corp. II, a “blank check” company, or SPAC, led by billionaire investor Chamath Palihapitiya, Bloomberg reported on Thursday.
  • Opendoor is a property technology company that directly buys homes from sellers, makes some improvements to the homes, and then resells them.
  • While the transaction is not yet finalized and the deal can fall apart, Bloomberg said, investors are nonetheless bidding shares of the SPAC higher by as much as 7% in Friday trades.
  • Visit Business Insider’s homepage for more stories.

Opendoor, a property technology company, is in advanced talks to go public via a merger with Social Capital Hedosophia Holdings Corp. II, Bloomberg reported on Thursday.

Social Capital is a “blank check” company,

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Rhode Island’s two largest hospital groups have signed a letter of intent to merge and form a partnership with Brown University’s medical school, officials announced Wednesday.

The boards of Lifespan and Care New England approved the letter on intent on Tuesday night, according to a joint statement. Proponents say it would benefit patients, reduce costs and boost research.

“By working together, Lifespan, Care New England, and Brown University can create a fully integrated academic healthcare system for the people of Rhode Island,” Lifespan President and CEO Dr. Timothy Babineau said in a statement.

Mergers have been proposed and failed in the past, but talks were revived in June, spurred by increased cooperation during he coronavirus pandemic.

“After careful consideration, there is clear recognition of the value of a more formal relationship,” Care New England President and CEO Dr. James Fanale said. “Overall benefit, regarding the capabilities and reach of what

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Credit Suisse Group AG said Tuesday that it plans to merge the business of its subsidiary Neue Aargauer Bank AG with that of Credit Suisse, and establish a single brand in Canton Aargau, Switzerland.

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The Swiss bank said the move was part of measures aimed at generating gross cost savings of around 100 million Swiss francs ($109.7 million) a year from 2022 onward.

The merger is expected to become effective at the end of November 2020, while the full closing should take place in the second quarter of 2021.

Credit Suisse and NAB currently have a total of 30 branches in Canton Aargau, where they will maintain a network of 12 after the merger.

Roberto Belci will take over the management of private banking and be responsible for the Aargau region, which will be managed as an individual business region as one of the three largest regions within

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Bharti AXA’s non-life insurance business is set to merge with ICICI Lombard General Insurance, in what will end up creating the country’s third largest non-life insurance company.

“The board of directors of ICICI Lombard General Insurance Company and Bharti AXA General Insurance Company at their respective meetings held today, approved entering into definitive agreements for demerger of Bharti AXA’s non-life insurance business into ICICI Lombard through a Scheme of Arrangement,” the companies said in a statement on Saturday.

Based on the share exchange ratio recommended by independent valuers and accepted by the respective boards of the companies, the shareholders of Bharti AXA will receive two shares of ICICI Lombard for every 115 shares of Bharti AXA on the date when the Scheme of Arrangement is approved by the boards of both companies.

“The combined entity shall have a market share of about 8.7 per cent on pro-forma basis,” the statement

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(Bloomberg) — Abu Dhabi is seeking to create a national champion in oil services by merging National Petroleum Construction Co. and local rival National Marine Dredging Company PJSC.



a car driving on a city street filled with lots of traffic: Automobiles pass along a city highway in Abu Dhabi, United Arab Emirates, on Monday, Aug. 12, 2013. As Dubai recovers from its slump caused by the global financial meltdown, Abu Dhabi is expanding faster, according to figures from their governments published last month and building projects and tourism mean the non-oil economy has overtaken Dubai's entire output, the data showed.


© Photographer: Bloomberg/Bloomberg
Automobiles pass along a city highway in Abu Dhabi, United Arab Emirates, on Monday, Aug. 12, 2013. As Dubai recovers from its slump caused by the global financial meltdown, Abu Dhabi is expanding faster, according to figures from their governments published last month and building projects and tourism mean the non-oil economy has overtaken Dubai’s entire output, the data showed.

NMDC shares rose 14% in Abu Dhabi on Sunday to 5 dirhams, their highest since March 2017, after NPCC’s shareholders proposed the deal.

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NPCC, ultimately controlled by the Abu Dhabi government through one of its investment vehicles, ADQ, wants to transfer all the firm’s share capital to NMDC, according to a statement released on Sunday. The merger

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